The IRS Deductions Blog

Posts Tagged ‘charity’

Question: TAX QUESTIONS! please help me! 10 pnts!!!?

Which one of the following cannot be used as an itemized deduction?
a. Unreimbursed job travel expenses
b. Tax preparation fees
c. Social security taxes withheld
d. Charitable contributions

Answer: C & E

Items on Amazon Right Now for Itemized Deductions Charitable Contributions:

Related Information

On January 22, 2010, President Obama signed into law H.R. 4462—the Haiti Assistance Income Tax Incentive Act—allowing donors to accelerate the income-tax benefits for charitable cash contributions toward the relief of victims of the January 12 Haiti earthquake.

Tips from the IRS – Charitable Contributions

Question: Tax Question about a right off?

My hubby is a mechanic, and had to buy literally $9,000 in tools for his job. My Q. is can we right them off without having to bypass the standard deduction, because we don’t have enough to right off to reach the limit to make it worth it to us. So is there any other way to right them off?

Answer: The easiest way is to use an on-line tax program. Enter all your information including the tool expense. The program figures it out for you and will use standard or Itemized Deductions which ever gets you the bigger refund. Also, you can see how much you are getting back before you pay.

I like this one because it donates part of your fee to charity.

http://www.internet-taxprep.com/wichitasouth

or

http://www.internet-taxprep.com/hopeworldwide

Don’t use turbotax, they get your numbers wrong.

Items on Amazon Right Now for Tools Tax Deduction:

An appeal to help light the darkness. [Adventures in Ethics and Science]

In the last few days, I’ve gotten a bunch of emails reminding me that the window for tax-deductible charitable giving for the year is closing. So, as 2009 winds down, I want to make an appeal to those readers lucky enough to have a bit of money for discretionary spending. Last year I wrote : [T]o the extent that we can, we can shake our tiny checkbooks and try to bring a bit more light to the …

World’s Greatest Small Business Tax Tool

Question: What is the best and easiest tax preparation software?

My wife and I have two incomes ($170k +) Many deductions, charity work, options, stock sale at a profit, dividen income, and an office at home. We have been going to a CPA the past few years paying $200 – $300 because of all the documents which is fine, but I’d like to try it myself.

Answer: Your tax return does not appear to be complicated. Sure you can give it a try. If it does not work, or to check if you have done it right, you can always go to your CPA.

Items on Amazon Right Now for Charity Deduction Software:

New York Times article highlights Waccamaw Community Foundation donations

New York Times’ journalist Stephanie Strom reports that donors made 13.2 times more gifts last Dec. 31 than the daily average for the rest of 2008.

Georgia Goal Scholarship Program

Question: This year I will make $75k and paid $14k Fed Tax. Refund Est says $500 back. What 2007 deductions can I do?

I will clear a little over $75k taxable income this year. I will have paid $14k in Federal Taxes. H&R Block Tax Estimator says $500 abck in refund (I understand a CPA will do better). What last minute deductions should I look for to help gain some of the $14k back?

Answer: business expenses!

gas for your commute
wear and tear on your car
business clothes you had to buy
business lunches / dinners you paid for

also if you donated to a charity
or if you were robbed or involved in an accident

Items on Amazon Right Now for Tax Deduction Estimator:

COLUMN: Got you covered: The financial three-step

Musicians often cover other artists and sometimes put their own spin on classic tunes. Elvis’ cover of Bill Monroe’s Blue Moon of Kentucky provides an excellent example. Even Mr. Monroe finally approved once the “mighty powerful” royalty…

Personal Financial Planning Tips : How to Estimate How Much Money You Will Need To Retire

Question: Income Tax Question – Form 8283 Charitable Deductions (noncash)?

I need a little help. I’ve been told 2 different things, so I need to confirm which is correct.

Answer: You can only deduct what the items may sell for. For donations to Goodwill or similar charities, that’s typically between 10¢ and 20¢ on the dollar of the new price of the items at best. If challenged at audit, you must be able to provide a detailed inventory of all items donated and the individual values of the items.

The rules on non-cash donations are complex. See IRS Pub 526 http://www.irs.gov/pub/irs-pdf/p526.pdf for general guidelines on charitable donations and IRS Pub 561 http://www.irs.gov/pub/irs-pdf/p561.pdf for more detailed information on establishing the value of donated property.

Items on Amazon Right Now for Is Goodwill Deductible:

Donations needed at Goodwill

Nonprofit agencies and charities are taking a financial hit this year, including Goodwill locations around West Michigan.

Goodwill Detroit-Cuisine for a Cause 2008